Bermuda: Anti-Money Laundering Policy
1. Prevention of Money Laundering and Terrorist Financing
The purpose of this Policy is to summarize our approach and internal practice, measures, procedures and controls relevant to the prevention of Money Laundering and Terrorist Financing.
Countries globally are facing serious challenges in preventing money laundering, e.g. making the possession, use, or disposal of money or other property obtained from criminal activities appear to be legal, and terrorism financing – providing or gathering money or rendering financial services with the knowledge that the money is intended to finance the organization, preparation for, or execution of terrorist acts or to support a criminal society (criminal organization) created or being created to perform terrorist acts.
Individuals and legal entities whose income is earned illegally make various attempts to legalize their income. For example, they may use other people’s personal data, including data that has been acquired fraudulently. This may become a problem for people who become victims of fraud and are uninvolved in these parties’ criminal activities.
2. Applicable Laws and Regulation
To prevent money laundering, organizations performing operations with money or other property are obligated to comply with anti-money laundering laws, verify the identity of clients, and assist government agencies and financial organizations working to combat money laundering. We do everything required to ensure compliance with laws against money laundering and financing terrorism.
3. Know Your Client procedures and identity verifications
As part of complying with laws on client identification, this procedure is performed during registration, various types of non-trading operations, and as part of monitoring by our specialists. In order to identify our clients, we may ask you for personal data and take steps to confirm the accuracy of this information using a verification system developed by our specialists. It may take several business days to complete this process.
4. Compliance with the international privacy laws as well as the European General Personal Data Protection Regulation (GDPR)
The personal data we receive is handled in accordance with the provisions of the Privacy Policy posted on our website. Please note that the reason for the identification procedure is to comply with laws against money laundering and financing terrorism, not because we suspect you of committing illegal acts. Accordingly, your cooperation and understanding of these steps is necessary to effectively combat money laundering and financing terrorism and it is permitted under the Privacy Laws and GDPR provisions along with a retention of data despite a subject’s request for having his data deleted and/or forgotten.
